NFT Giant Opensea Retrenches an Unknown Number of Employees

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Opensea recently retrenched an unknown number of employees as part of what the CEO Devin Finzer describes as a rebuilding exercise. According to the CEO, taking this step helps Opensea build a foundation which enables it to innovate faster.

Smaller Team With Direct Connection to Users

Opensea, one of the largest non-fungible token (NFT) marketplaces, recently parted ways with some of its long-serving employees as part of a rebuilding exercise. According to Devin Finzer, the co-founder and CEO of Opensea, the objective of the exercise is to have “a smaller team with a direct connection to users.” Finzer said while the departure is the “most difficult part of this change,” taking this step helps Opensea build a foundation which enables it to innovate faster.

Finzer’s confirmation of the workers’ retrenchment is coming at a time when the NFT hype continues to fizzle out. As recently reported by Bitcoin.com News, the NFT sales, which have been trending downwards since February 2023, went down by 21% in October. The flagging NFT sales have seen one of Opensea’s biggest investors Coatue mark down its investment by 90%.

However, in a statement shared via X (formerly Twitter), the CEO appeared to shrug off fears that Opensea will continue to see reduced sales revenues.

“We’re making these changes with our community in mind. As we rebuild, we’ll continue supporting our existing products, and will be iteratively testing Opensea 2.0 in public — remaining nimble, attentive, and focused,” Finzer said.

The CEO added that his organization is now working on “re-orienting the team around” the upgraded product.

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